Abstract

Background: A decision-making method based on prospect theory and grey relational analysis is proposed for multi-attribute decision-making with interval-valued intuitionistic fuzzy number and incomplete attribute weight.

Methods: According to the prospect theory and the improved exact score function, the prospective value function of interval-valued intuitionistic fuzzy numbers is defined, and the prospect decision matrix is constructed with zero as the decision reference point. The optimization model is established with the objective of maximizing the comprehensive prospective value and the subjective risk preference as the constraint.

Results: The decision-maker's risk preference for alternatives is brought into the decision-making behavior, and the attribute weight is determined by grey relational analysis. The comprehensive prospective value of each alternative is calculated by combining the prospect matrix and attribute weight, and the best solution is obtained by ranking. The result of example analysis shows that the decision-making method proposed in this study is suitable for fuzzy decision-making environment and has high application value.

Conclusion: The example is given to illustrate the feasibility and effectiveness of the proposed method.

Keywords: Prospect theory, grey correlation analysis, interval-valued intuitionistic fuzzy number, MADM, decision-making matrix, risk preference.

Graphical Abstract